As part of the three-month program, YC will invest anywhere from $11,000 to $20,000 in a startup, depending on the size of the team. There's also an informal fund called YC VC that will invest $80,000 in each startup.

But how does YC decide who to fund?

The people on your team matter the most, YC founder Paul Graham writes on the application page.

"Your idea is important too, but mainly as evidence that you can have good ideas," Graham writes. "Most successful startups change their idea substantially."

So if you think you have what it takes to start the next billion-dollar company, you must apply by tomorrow.